Selling a House As Is in Richmond? Get Top Dollar Without Renovations

Selling a house as is means you do not have to worry about inspections, repairs, and all associated negotiations. “As Is” homes typically sell for cash.

Over 30.7% of all homes in the US sell for cash, up slightly from 30.4% a year ago. Moreover, 82% of millennials prefer “fixer-upper homes”, so there’s no need for any upgrades.

For sellers, this is fantastic news! You save an average of $25,000 otherwise spent on pre-sale improvements.

What Does Selling a House As Is in Richmond Mean?

Selling a house as is refers to offloading a property in its existing condition without fixing any issues listed in the home inspection report.

When you sell as is, you must disclose every material defect affecting the house’s value in the seller disclosure form. A buyer can withdraw from the deal if you lie on the disclosure.

How to Sell a House As Is in Richmond?

Follow these 5 steps to ensure a smooth home sale in the River City:

1. Choose How to Sell Your Home

You have 4 alternatives when selling your house as is in Richmond:

1. Sell a House As Is for Cash in Richmond: Cash home buyers extend offers that are only 30% to 70% of your home’s Fair Market Value (FMV). On the other hand, iBuyers can pay as much as 80% of your home’s FMV. But, they have strict eligibility criteria for the homes they purchase.
2. Sell Your Home As Is By Owner: Selling your house by owner in Virginia is a smart DIY option. With a Flat Fee MLS service, you can list your property on the MLS without relying on a Realtor. This helps you avoid the 3% listing agent fee, saving you $11,250 on a $375,000 home!
3. List on a Cash Buyer Marketplace: Cash buyer marketplaces showcase your home to multiple VA cash home buyers and home flippers in Virginia. This increases your chances of selling your distressed property for a higher value.

2. Make Minor Repairs

The more repairs your home needs, the lower its value will be. Consider making small repairs, like fixing squeaky doorknobs or replacing a leaky pipe to boost the property’s value.

3. Conduct a Pre-listing Inspection

Hire a home inspector in Virginia near you to identify any defects in your property. Including these issues in your disclosure can prevent disputes with the buyer’s agent. This also helps avoid surprises later on during the sale process.

4. Disclose All of Your Home’s Defects

The Virginia seller disclosure form has several questions that focus on the property’s features and defects. If you hide any defect, the buyer may withdraw from the deal. You may also be sued, lose money, and damage your reputation.

Richmond law requires the seller to keep the property in the same condition from the contract date until closing. The buyer can legally withdraw from the sale without any further obligations if they discover a violation.

5. Fill Out the As Is Real Estate Contract

You need to fill out the “AS IS” Residential Contract for Sale and Purchase to sell your house as is in Richmond. Ensure that you fill out the form accurately, as home shoppers will:

• Inspect the Richmond property.
• Negotiate repairs or treatments in future amendments, or
• Terminate the contract.

How Much Do I Lose Selling My Home As Is in Richmond?

If you’re selling your house as is to investors in Richmond, you could lose around 30% to 50% of your home’s Fair Market Value. The exact amount depends on the condition of your home.

You can sell your property at or slightly below its FMV if it needs minimal repairs. Since fixer-upper homes are more popular than turnkey properties, you may get top dollar for your home on the MLS. If you opt for a Flat Fee MLS listing, you can even save on the 3% listing agent fee.

Imagine you own a $375,000 home in the River City. If you choose a 3% Realtor, you pay $11,250 to get your house on the MLS. But, if you list with a flat fee service like Houzeo, you only pay $749 and save $10,501!

Service Provider	Fee	Commission Due	Savings
Traditional Agent	3%	$11,250	$0
Houzeo	$399	$749*	$10,501

📢 NAR Settlement Saves Sellers Thousands in Commission

The NAR Settlement went into effect on August 17, 2024. Buyer agent commissions can no longer be offered on the MLS. This means sellers will save thousands! But it also means there’s a lot more compliance and litigation risks.

Here’s what this means for you:

• Sellers Can Save Thousands in Commissions: You will likely pay much less than the traditional 3% buyer agent commission. That’s because buyer agent commissions will be negotiated twice: Once when buyers engage buyer agents, and again when sellers review offer contracts.
• Seller Priority #1 Will Be Paperwork (to Mitigate Compliance & Litigation Risks): Buyer agents mitigate all types of risks. From seller disclosures, offer contracts, contingencies, inspections, repair requests, appraisal, and closing – buyer agents keep the paperwork tight. Their state licensing authorities, Realtor associations, and MLS’ audit paperwork compliance. Without buyer agents, sellers will have to learn and adapt. Or risk expensive litigation.
• Negotiations Can Now Feel Like Haggling: Buyer agent commissions will now be part of offer contracts and buyer agency agreements. Buyers may ask sellers to include commissions in the form of seller concessions. That means home buyers and sellers alike will be negotiating commissions. Sellers will need expert licensed brokers to help them with these negotiations.
• Buyer Agent Commissions Can Be Offered Offline: Buyer agent fees can still be offered outside of the MLS. They just cannot be advertised on the MLS.

» Houzeo Reviews: Find out why Houzeo is one of Richmond’s best cash buyer marketplaces.

Pros and Cons of Selling My Home As Is in Richmond

✅ Pros

• Zero Repair Costs: Water-damaged kitchen countertops, dripping faucets, or broken roofs aren’t your concern. The flipper or investor buying your Richmond house will handle such repairs.
• No Home Inspection-Related Delays: When selling your home in a poor condition, you can avoid delays caused by inspector unavailability.
• Quick Home-Selling Timeline: When you skip the repairs, you can list your property for sale immediately. If you find a buyer with a mortgage preapproved for distressed properties, the closing process can be quicker.

❌ Cons

• Below Fair Market Value: Cash home buyers offer only 30% to 70% of the property’s FMV. So, you will be leaving thousands of dollars on the table.
• Negative Buyer Assumptions: Buyers may assume that your property has serious defects, which may not necessarily be true. This assumption may negatively affect the offers your house attracts.
• Mortgage Challenges for Buyers: Richmond mortgage lenders typically do not finance properties with structural or safety issues. Moreover, FHA and VA loans and many conventional mortgages do not allow financing for fixer-uppers.

Can a Home Buyer Back Out of an As Is Contract in Richmond?

Yes, a buyer can back out of an as-is contract during the 15-day inspection period without penalty or losing their deposit. This allows them to withdraw from the deal if the property doesn’t meet their expectations.

However, it’s important to note that when selling a house as is, there’s generally no legal requirement to meet Minimum Property Requirements (MPRs). Sellers must disclose known defects, allowing the buyer to make an informed decision.

If the costs are under-reported, the seller may be responsible for repairs per Section 9 of the Standard Real Estate Contract.

Should I Sell My Richmond House As Is?

Yes, selling your distressed house as is in Richmond can save you time and money, especially in Richmond’s competitive market.

Investors may extend lowball cash offers of around 70% of your home’s FMV. However, a cash buyer marketplace like Houzeo may get you 100% of your home’s FMV. The fact that you skip the 3% listing agent fee is a bonus.

Frequently Asked Questions

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